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With HAMP Gone, Will Foreclosures Increase?

On Behalf of | Feb 1, 2017 | Foreclosure Prevention

The Home Affordable Modification Program (HAMP) helped millions of homeowners nationwide modify their mortgages and stave off foreclosure. The program expired at the end of 2016 and now, according to an article from News 4 San Antonio, thousands of homeowners are once again at risk of foreclosure.

Foreclosure Letters Are In The Mail

Thousands of homeowners have already received foreclosure letters. Experts predict there are many more to come. This is bad news in Texas where, despite an overall decrease in foreclosures nationally, foreclosures actually increased by 44 percent last fall.

The Safety Net Is Gone

Those who were on the program and have kept up with their payments should be okay. Those who were on the program and have fallen behind are at risk, and those not on the program no longer have this option as a safety net.

But there are still options.

Foreclosure Defense Options

Just because HAMP is gone does not mean you are out of options to prevent foreclosure. First of all, loan modification is still a possibility. An experienced lawyer can work with your lender to reach a solution that allows you to stay in your home.

If mortgage modification is not possible, there are other foreclosure defense options. Your attorney can pursue litigation, starting by obtaining a temporary restraining order (TRO) to prevent the bank from selling your home.

Furthermore, your lawyer could assist you in getting out from under an unaffordable house through traditional sale, short sale, deed-in-lieu of foreclosure, or other means.

Before you allow your home to be taken away, talk to a dedicated real estate attorney about your options for stopping foreclosure.